SEC NEWS DIGEST Issue 2004-179 September 16, 2004 COMMISSION ANNOUNCEMENTS COMMISSION MEETINGS CLOSED MEETING – TUESDAY, SEPTEMBER 21, 2004 – 2:00 P.M. The subject matter of the closed meeting scheduled for Tuesday, September 21, will be: Formal orders of investigations; Institution and settlement of injunctive actions; and Institution and settlement of administrative proceedings of an enforcement nature. At times, changes in Commission priorities require alterations in the scheduling of meeting items. For further information and to ascertain what, if any, matters have been added, deleted or postponed, please contact: The Office of the Secretary at (202) 942-7070. SEC ACADEMIC FELLOWSHIPS The United States Securities and Exchange Commission (SEC) announces the availability of its 2005-2006 fellowship opportunities in the Office of the Chief Accountant (OCA), the Division of Corporation Finance (CF), and the Office of Economic Analysis (OEA). An unparalleled opportunity for financial accounting and auditing professors, a fellowship typically lasts for 12 months (Aug. 1-July 31). While on sabbatical or leave of absence from the home university, an academic fellow maintains an employee relationship with the home institution. They typically earn 12/9 of the usual 9-month academic salary (currently up to about $158,844), plus benefits and relocation expenses. [Note: The salary cap does not mean that an academic fellow’s maximum 12-month salary is $158,844. Rather, $158,844 is the maximum salary that the SEC will reimburse to the school (all normal university benefits will also be reimbursed). The employing university is permitted to pay the professor more than this amount.] The OCA and OEA fellowships require a doctorate’s degree. The Division of Corporation Finance requires a master’s or doctorate’s degree. Applicants for the OCA and OEA fellowships should have teaching and research credentials in financial accounting and/or auditing. The CF fellow should have experience in teaching upper level financial accounting courses and, preferably, expertise in quantitative analysis and finance. See the complete announcement for 2005-2006 SEC academic fellowships for more complete details. SEC Academic Fellowships The United States Securities and Exchange Commission (SEC) invites qualified accounting professors to apply for one of four available fellowship opportunities for the 2005–2006 academic year at its headquarters in Washington, DC. An academic fellowship at the SEC provides an unparalleled opportunity for a professor to be directly involved in the work of the Commission and to gain insight into the SEC’s oversight and regulatory processes. An SEC fellowship is a notable way to spend a sabbatical year or a leave of absence and offers a set of memorable experiences that will greatly enhance subsequent teaching and publication activities. FELLOWSHIP DESCRIPTIONS Office of the Chief Accountant: Two of the fellowships are in the Office of the Chief Accountant (OCA), which functions as the primary advisor to the Securities and Exchange Commission on accounting and auditing matters. It is anticipated that one of the two fellowships will require credentials in financial accounting, while the other will require credentials in auditing. These academic fellows serve as research resources for OCA, assist in registrant matters, and participate in OCA projects. Further, the fellows are asked to develop and present a training session on emerging or controversial accounting / auditing issues for accountants and attorneys at the Commission. These fellowships, which have been in existence for over 20 years, are for research-oriented professors with an interest in working closely with OCA leadership and staff on auditor and registrant issues. Requirements include a Ph.D., a strong research background in financial accounting and/or auditing, and a CPA or equivalent technical expertise. Division of Corporation Finance: The third fellowship is in the Division of Corporation Finance, which oversees corporate disclosure of information to the investing public. Its staff is responsible for the review of corporate filings by publicly held companies, such as registration statements and annual reports/10-Ks. The fellowship, which originated about six years ago, typically involves researching financial reporting issues in connection with Division policy or program initiatives, reviewing filings by public companies to identify significant accounting and disclosure problems, and developing and presenting training on emerging or controversial accounting issues for accountants and attorneys at the Commission. Requirements include a Master’s or Ph.D. and teaching experience in upper-level/advanced financial accounting courses. Expertise in quantitative analysis and finance, as well as the ability to discuss issues in plain English, are plus factors. Office of Economic Analysis: The fourth fellowship is in the Office of Economic Analysis (OEA), which advises the Commission and its staff on the economic issues associated with the SEC's regulatory and policy activities. Accountants who serve as Academic Fellows in OEA are responsible for designing and conducting studies of the economic impact of existing and proposed rules promulgated by the Commission and self- regulatory agencies. They provide analytical support and advice to the Chief Economist and senior Commission staff on regulatory policy, enforcement policy, and financial economics. In addition, they design economic studies in anticipation of, and in response to, developments in the securities markets, prevailing financial practices among issuer firms, and Commission policies. A Ph.D. is required. Accountants in OEA tend to specialize in financial accounting or auditing. COMPENSATION AND APPLICATION INFORMATION Timing, Compensation, and Benefits: For faculty members at U.S. universities, the academic fellow positions are available under the Intergovernmental Personnel Act (IPA) and generally involve a 12-month period, August 1-July 31. An IPA contract is agreed upon by the SEC, the professor, and the professor’s university. Under an IPA contract, the professor continues to be an employee of the university, being paid by the university and receiving its benefits package; the SEC, in turn, reimburses the university. Compensation for an academic fellow is typically 12/9s of the professor’s academic year salary, up to a maximum of pay grade SK 16/31 (currently about $158,844) plus related benefits. Relocation expenses to and from Washington, D.C. are generally reimbursed in accordance with Federal Travel Regulations and standard SEC policies which apply to IPA assignments. [Note: The salary cap does not mean that an academic fellow’s maximum 12-month salary is $158,844. Rather, $158,844 is the maximum salary that the SEC will reimburse to the school (all normal university benefits will also be reimbursed). The employing university is permitted to pay the professor more than this amount.] Application Procedures: Please consider applying for these outstanding professional development opportunities. First, indicate your initial interest by sending an e-mail to one or more current academic fellows in Office of the Chief Accountant (Jonathan Glover gloverj@sec.gov; Audrey Gramling gramlinga@sec.gov ), the Division of Corporation Finance (David Sherman shermand@sec.gov ), or Office of Economic Analysis (Agnes Cheng (chenga@sec.gov). Feel free to contact the current academic fellows to discuss the nature of the position. IMPORTANT: Formal applications are accepted only electronically. To apply formally, you must submit a vita and a cover letter which summarizes your qualifications and indicates the fellowship(s) in which you are primarily interested. Optionally, provide a copy of one or more relevant working papers or recently published articles. Applications for fellowships in all areas must be submitted electronically to Audrey Gramling at gramlinga@sec.gov. Application reviews for the 2005 -2006 academic fellowships will begin December 15, 2004, and will continue until the positions are filled. Interviews will be conducted at the SEC headquarters in Washington, DC. Candidates’ travel expenses cannot be reimbursed. The SEC’s goal is to announce final selections by February 2005. To find out more about the experiences of three previous academic fellows, see Thomas J. Linsmeier’s article in Accounting Horizons (September 1996) and articles by Steve Kolenda and Patricia Fairfield in the Financial Reporting Journal (Summer 2000). ENFORCEMENT PROCEEDINGS COMMISSION DECLARES CEASE AND DESIST ORDER WITH RESPECT TO CARY KAHN FINAL The Commission has declared the decision of an administrative law judge finding Cary R. Kahn in default and ordering Kahn to cease and desist from antifraud violations final. The law judge also ordered Kahn to disgorge $12,186.21 plus $1,217.54 interest. The law judge found that Kahn fraudulently altered quotations in order to obtain better execution prices for his buy and sell orders. As a result, Kahn violated Section 17(a) of the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934, and Exchange Act Rule 10b-5. (Rel. 34-50383; File No. 3-11468) IN THE MATTER OF ADAM KRUGER On September 15, the Commission issued an Order Instituting Administrative Proceedings Pursuant to Section 203(f) of the Investment Advisers Act against Adam G. Kruger (Respondent or Kruger). The Division of Enforcement alleges that a permanent injunction was entered on April 13 in the case of Securities and Exchange Commission v. Adam G. Kruger, et al., No. 03 C 8288 (N.D. Ill.) against the Respondent. The Court enjoined the Respondent from violating Section 17(a) of the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, and Section 206(1) and 206(2) of the Investment Advisers Act. The Respondent consented to the entry of the order of permanent injunction and admitted the allegations of the complaint. The Respondent admitted that he operated two fraudulent investment schemes through his investment advisory business, Kruger, Miller and Tummillo, Inc., raising at least $908,750 from at least twelve investors. A hearing will be scheduled before an administrative law judge to determine whether the allegations contained in the Order are true, to provide Respondent an opportunity to dispute these allegations, and to determine what sanctions, if any, are appropriate and in the public interest. (Rel. IA-2297; File No. 3-11664) BROKER-DEALER, TAGLICH BROTHERS, INC., AND ITS DIRECTOR OF LEGAL AND COMPLIANCE, RICHARD C. OH, SETTLE ENFORCEMENT ACTION INVOLVING NON-DISCLOSURE OF PAYMENTS FOR RESEARCH On September 15, the Commission settled enforcement action against Taglich Brothers, Inc. (Taglich Brothers) and Richard C. Oh (Oh). Taglich Brothers and Oh failed to disclose that Taglich Brothers received compensation, and the amount thereof, for providing research coverage of certain public companies, in violation of Section 17(b) of the Securities Act of 1933. As part of the settlement, Taglich Brothers and Oh will pay civil penalties in the amounts of $50,000 and $25,000, respectively. Taglich Brothers and Oh have agreed to settle this matter, without admitting or denying the findings in the Commission’s Order. The Commission’s Order censures Taglich Brothers and Oh and orders them to cease and desist from committing or causing any violations of Section 17(b) of the Securities Act. The Commission’s Order finds that since at least January 2000, Taglich Brothers, a registered broker-dealer, has maintained a website on which it posts its research reports, authored by the firm’s research analysts, of approximately fifty small publicly-traded companies (Covered Issuers). Some of the Covered Issuers paid Taglich Brothers a non- refundable retainer of up to $5,000, and all of the Covered Issuers paid Taglich Brothers between $1,000 and $2,000 a month in exchange for Taglich Brothers writing and posting its research of the Covered Issuers on Taglich Brothers’ website. Until October 2001, Taglich Brothers did not disclose in its research reports that it received compensation for the creation and dissemination of such reports and until November 2003, Taglich Brothers did not disclose the amount of such compensation. The Commission’s Order also finds that, as the Director of Legal and Compliance, Oh has been responsible for ensuring that Taglich Brothers’ research reports contain adequate disclosures. Oh has also been responsible for ensuring that the disclaimers in Taglich Brothers’ research reports comply with the federal securities laws. (Rel. 33- 8489; 34-50388; File No. 3-11665) PROCEEDINGS UNDER SECTION 15(b)(6) INSTITUTED AGAINST ROBERT CORD BEATTY On September 15, the Commission instituted administrative proceedings against Robert Cord Beatty pursuant to Section 15(b) of the Securities Exchange Act of 1934 (Exchange Act). The proceedings are based on an injunction entered against Beatty on August 26, 2004, which enjoined Beatty from future violations of the antifraud and lying to auditors provisions of the federal securities laws. In the underlying civil action the Division of Enforcement alleged, among other matters, that in or about December 1993, Beatty entered into a financing agreement to provide funding for AutoCorp Equities, Inc., a company of which he was an officer, to promote a live stage production of the American Gladiators television show in Las Vegas, Nevada. The Division of Enforcement also alleged that the financing transaction involved AutoCorp’s acquisition of $5 million in certificates of deposit, ostensibly issued by a Russian bank. The Division of Enforcement further alleged that while the CDs had a face value of $5 million, Beatty knew the CDs were worthless because the CDs were not, in fact, issued by the Russian bank, but were instead printed at a Florida Kinko’s copy center by one of Beatty’s co-defendants in the civil case. Finally, the Division of Enforcement alleged that Chariot included the Russian CDs as assets on its financial statements, which were included a Form 10-Q filed with the Commission. A hearing will be scheduled before an administrative law judge to determine whether the allegations contained in the Order are true, to provide Beatty an opportunity to dispute these allegations, and to determine what remedial sanctions, if any, are appropriate and in the public interest with respect to Beatty’s participation in offerings of penny stock. The Commission directed that the Administrative Law Judge issue an initial decision no later than 210 days from the date of service of the Order, pursuant to Rule 360(a)(2) of the Commission’s Rules of Practice. (Rel. 34-50387; File No. 3-11666) COMMISSION DISMISSES APPEAL OF SCOTT WIARD TO REVIEW NASD’S DENIAL OF APPLICATION BY PRESTWICK SECURITIES, INC. TO PERMIT WIARD’S ASSOCIATION The Commission has dismissed the appeal of Scott E. Wiard, who sought review of NASD’s denial of an application of member firm Prestwick Securities, Inc. to permit him to associate with the firm as a general securities representative and general securities principal. Wiard is subject to a statutory disqualification as a result of a 1999 felony conviction for carrying a concealed weapon on or about his person. In 2000, NASD had approved an application by another NASD member firm for Wiard’s continued association subject to a prohibition that Wiard not maintain discretionary accounts. When Wiard left that firm and joined Prestwick, Prestwick filed its application to permit Wiard to associate with it. Wiard’s proposed business activities at Prestwick were the same as those at his previous firm and involved Wiard’s management of accounts of customers who owned variable annuities through Wiard’s financial advisory firm. Wiard manages these accounts pursuant to an agreement that gives him discretionary authority to reallocate customer assets by moving blocks of funds between money-market and equity index mutual funds that are contained in the variable annuity product. NASD found that Wiard’s management of his customer accounts by reallocating funds pursuant to discretionary authority was in violation of the prohibition against maintaining discretionary accounts that was a condition of NASD’s 2000 approval. The Commission agreed with NASD’s finding and also determined that NASD’s prohibition against Wiard maintaining discretionary accounts was appropriate and dismissed the review proceeding. (Rel. 34-50393; File No. 3-11402) REVOCATION OF REGISTRATION OF SECURITIES OF J. A. B. INTERNATIONAL, INC. On September 16, the Commission revoked the registration of securities of J. A. B. International, Inc., of Winter Park, Florida, registered with the Commission pursuant to Section 12 of the Securities Exchange Act of 1934 (Exchange Act) effective immediately pursuant to Section 12(j) of the Exchange Act. In its Order Making Findings and Revoking Registration of Securities Pursuant to Section 12(j) of the Securities Exchange Act of 1934, the Commission found the following: 1. J. A. B. International (CIK No. 715583), a Nevada corporation based in Winter Park, Florida, is a mining company. The common stock of the company has been registered under Exchange Act Section 12(g) since August 10, 1984. The stock is quoted on the Pink Sheets (symbol “JABI”). 2. J. A. B. International has failed to comply with Exchange Act Section 13(a) and Rules 13a-1 and 13a-13 thereunder, while its common stock was registered with the Commission in that it has not filed a periodic report since the period ending September 30, 2002. The Commission cautions brokers, dealers, shareholders, and prospective purchasers that they should carefully consider the foregoing information along with all other currently available information and any information subsequently issued by the company. Further, brokers and dealers should be alert to the fact that Section 12(j) provides, in pertinent part, as follows: No member of a national securities exchange, broker, or dealer shall make use of the mails or any means or instrumentality of interstate commerce to effect any transaction in, or to induce the purchase or sale of, any security the registration of which has been and is suspended or revoked pursuant to the preceding sentence. Without admitting or denying the findings in the Order Making Findings and Revoking Registration of Securities Pursuant to Section 12(j) of the Securities Exchange Act of 1934, J. A. B. International, Inc. consented to the entry of an order finding that it had failed to comply with Exchange Act Section 13(a) and Rules 13a-1 and 13a-13 thereunder and revoking the registration of each class of its securities. (Rel. 34- 50396; File No. 3-11512) IN THE MATTER OF WILLIAM BARNEY THOMAS On September 16, the Commission issued an Order Instituting Administrative Proceedings Pursuant to Section 15(b) of the Securities Exchange Act of 1934 and Section 203(f) of the Investment Advisers Act of 1940, Making Findings, and Imposing Remedial Sanctions against William Barney Thomas (Thomas). The Order finds that on August 26, 1997, an Order of Permanent Injunction (Reserving the Issues of Disgorgement and Civil Penalties) was entered against Thomas by the United States District Court for the Western District of Pennsylvania, in Securities and Exchange Commission v. William Barney Thomas, et al., Civil Action No. 96-1775. The Order of Permanent Injunction enjoins Thomas from future violations of Section 17(a) of the Securities Act of 1933, Sections 10(b) and 15(a)(1) of the Exchange Act and Rule 10b-5 thereunder, and Sections 204, 206(1), 206(2) and 206(4) of the Advisers Act and Rules 204-2(a), 204-2(b) and 206(4)-2 thereunder. The Commission’s complaint alleged that Thomas orchestrated a scheme wherein he solicited 23 individuals to become advisory clients of Pension & Retirement Services Company (Pension & Retirement), a sole proprietorship that he owned and controlled, by falsely representing Pension & Retirement as a legitimate, registered investment adviser. The complaint further accused Thomas of fraudulently inducing the clients to invest over $418,000 in Pension & Retirement investment programs. It was also alleged that Thomas ultimately liquidated over $300,000 of client assets which he misappropriated for his personal use. The complaint further alleged that, in connection with the aforementioned conduct, Thomas acted as an unregistered investment adviser, failed to keep appropriate books and records, and acted as an unregistered broker-dealer. The Order also finds that on December 3, 1996, Thomas pleaded guilty to thirteen counts of third degree felony theft filed against him by the Commonwealth of Pennsylvania in Commonwealth of Pennsylvania v. William B. Thomas, CR-62-95. Thomas was sentenced to house arrest for a period of six months, and was ordered to pay restitution in the amount of $50,000. The criminal charges to which Thomas pled guilty were based, essentially, on the conduct described above. Based on the above, the Order barred Thomas from association with any broker, dealer, or investment adviser. Thomas consented to the issuance of the Order without admitting or denying any of the allegations in the Order, except he admitted the entry of the injunction and the conviction. (Rel. 34-50397; IA-2298; File No. 3-11667) SEC INSTITUTES SETTLED CEASE-AND-DESIST PROCEEDING AGAINST SENETEK PLC FOR VIOLATING REGULATION FD On September 16, the Commission settled enforcement action against Senetek PLC (Senetek). Senetek provided revenue and earnings projections to two research analysts without simultaneously or promptly disseminating these projections to the public. By virtue of this conduct, Senetek violated Section 13(a) of the Securities Exchange Act of 1934 (Exchange Act) and Regulation FD. The Commission’s Order finds that prior to December 2001, there were no analysts who were actively providing research information about Senetek to the marketplace. To increase its visibility with investors, Senetek established relationships with two research firms in December 2001 and March 2002. While preparing their respective research reports, these research firms provided Senetek with draft versions for Senetek’s review. After reviewing the drafts, Senetek provided both research firms with nonpublic information about the company’s projected revenues and earnings. Senetek failed to simultaneously or promptly release the same projections to the public. After receiving this nonpublic information, both firms changed the estimates in their final reports, which were publicly released in mid-2002. Senetek has agreed to settle this matter, without admitting or denying the findings in the Commission’s Order. The Commission’s Order orders Senetek to cease-and-desist from committing or causing any violations and any future violations of Section 13(a) of the Exchange Act and Regulation FD. (Rel. 34-50400; File No. 3-11668) FINAL JUDGMENT OF PERMANENT INJUNCTION, DISGORGEMENT, PENALTIES AND OTHER RELIEF ENTERED AGAINST ED JOHNSON, FORMER CEO OF MERL HOLDINGS INC.COM On Aug. 27, 2004, the Honorable Garrett E. Brown, Jr. of the U.S. District Court for the District of New Jersey entered a final judgment of permanent injunction (Final Judgment) against Ed Johnson, the former Chief Executive Officer, Chairman of the Board, and President of MERL Holdings Inc.com (MERL), in an accounting fraud, insider trading and false filing case. The Final Judgment permanently enjoins Johnson from violating the antifraud provisions of the federal securities laws, permanently bars Johnson from acting as an officer or director of any public company, permanently bars Johnson from participating in any offering of penny stock, orders Johnson to pay disgorgement in the amount of $42,262, plus prejudgment and postjudgment interest to be determined, orders Johnson to pay a civil insider trading penalty of $42,262, plus postjudgment interest to be determined, and orders Johnson to pay a civil monetary penalty in the amount of $120,000, plus postjudgment interest to be determined. On March 8, 2004, following a two-week trial, a federal jury in Trenton, New Jersey found for the Commission on all counts of its complaint against Johnson. In its complaint, the Commission alleged that Johnson inflated the assets and financial results of MERL in two registration statements filed by the company with the Commission and disseminated to the public. The jury found that Johnson violated Section 17(a) of the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, in connection with a multi- faceted fraud designed to raise $25 million in the public securities markets. For additional information about this matter, see Litigation Release Nos. 18618 (March 10, 2004), 18085 (April 14, 2003) and 17846 (Nov. 19, 2002). [SEC v. Ed Johnson and MERL Holdings, Inc.com, Civ. No. 02-5490 (D.N.J.) Brown, J.] (LR-18885; AAE Rel. 2104) SEC CHARGES FLORIDA-BASED CONVERGE GLOBAL, INC. AND ITS CEO WITH FRAUD The Commission announced that on September 2 it filed a civil fraud action in federal court in Florida against Converge Global, Inc., a Boca Raton-based telecommunications company, and Michael P. Brown, also of Boca Raton and its CEO. Also named as defendants in the action were TeleWrx, Inc., Converge’s sole subsidiary, Jonathan G. Fink, of Los Angeles and a purported consultant to Converge and Keith B. Laggos, of Homer Glen, Illinois and the owner and publisher of Money Maker’s Monthly, an Illinois-based magazine. The complaint alleges, among other things, that Converge and TeleWrx jointly issued a press release on Monday, June 24, 2002, which falsely claimed that, as the result of its recent weekend “national launch,” TeleWrx had raised “over $1 million.” The release also falsely claimed that, as a result of the weekend “launch,” TeleWrx had signed up “nearly 1,000 distributors.” The Complaint further alleges that Brown and Fink were responsible for drafting and issuing the false June 24 press release. The complaint also alleges that, on June 10 and June 25, 2002, and in the July 2002 issue of Money Maker’s Monthly, Laggos published laudatory pieces concerning TeleWrx, without disclosing that he had been compensated by Converge and/or TeleWrx for doing so. The Commission charged Converge, TeleWrx, Brown and Fink with violating Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder and Laggos with violating Section 17(b) of the Securities Act of 1933. The Commission seeks: permanent injunctions and civil monetary penalties against all of the proposed defendants; disgorgement against Laggos; penny stock bars against Brown, Fink and Laggos; and an officer and director bar against Brown. [SEC v. Converge Global, Inc., et al., No. 04-80841 (CIV-Middlebrooks) D. So. Fla.] (LR-18887) A.C.L.N., CEO ABDERRAZAK LABIAD AND SCANDINAVIAN CAR CARRIERS ORDERED TO DISGORGE APPROXIMATELY $27.6 MILLION FOR THE BENEFIT OF DEFRAUDED INVESTORS On September 13, the U.S. District Court for the Southern District of New York signed final judgments by consent against Defendants A.C.L.N. Ltd. and its CEO Abderrazak “Aldo” Labiad and Relief Defendant Scandinavian Car Carriers requiring disgorgement of the balance of certain accounts frozen in Europe. The balance of these accounts totals approximately $27.6 million, money which the Commission intends to recommend be distributed to defrauded investors. A.C.L.N. is a Cyprus corporation headquartered in Antwerp, Belgium, which has ceased doing business. A.C.L.N. formerly claimed to ship used vehicles to North and West Africa and to sell new cars in that region. Following the SEC’s imposition of a trading suspension in March 2002, the New York Stock Exchange de-listed A.C.L.N.'s securities, the first such action by the Exchange since 1975. The SEC alleged, in its complaint filed October 8, 2002, that from 1998 through the third quarter of 2001, A.C.L.N. operated an elaborate financial fraud resulting in losses totaling millions of dollars to investors in the U.S. and abroad. Without admitting or denying the allegations of the Commission’s complaint, A.C.L.N., Labiad and Scandinavian Car Carriers consented to the entry of an order that they disgorge the balance of certain frozen bank accounts in Europe they controlled. The Court ordered that Labiad disgorge the equivalent of $332,222 (USD) held in bank accounts in Monaco; that A.C.L.N. disgorge about $3.3 million that the Commission successfully repatriated from the Netherlands to the United States in 2003; and that Scandinavian Car Carriers disgorge about $24 million in its bank account in Denmark. Labiad also consented to an order permanently barring him from acting as an officer or director of any public company whose securities are registered with the Commission and permanently enjoining him from further violations of the registration, anti-fraud, internal controls, and beneficial ownership provisions of the federal securities laws, Sections 5 and 17(a) of the Securities Act of 1933 (Securities Act) and Sections 10(b), 13(b)(5) and 13(d) of the Securities Exchange Act of 1934 (Exchange Act) and Exchange Act Rules 10b-5, 13b2-1, 13d-1 and 13d- 2, and from aiding and abetting violations of the periodic reporting, books and records, and internal control provisions of the Exchange Act, Sections 13(a), 13(b)(2)(A) and 13(b)(2)(B) and Exchange Act Rules 12b- 20, 13a-1 and 13a-16. A.C.L.N. consented to the entry of an order permanently enjoining it from violating the antifraud, periodic reporting, books and records, and internal controls provisions of the federal securities laws, Section 17(a) of the Securities Act and Sections 10(b), 13(a), 13(b)(2)(A) and 13(b)(2)(B) of the Exchange Act and Exchange Act Rules 10b-5, 12b-20, 13a-1 and 13a-16. A.C.L.N. also consented to the entry of a Commission order revoking the registration of its securities. The Commission earlier settled its case against A.C.L.N.’s auditor, BDO International (Cyprus) (BDO Cyprus). Without admitting or denying the allegations of the Commission’s complaint, BDO Cyprus consented to the entry of an order permanently enjoining it against any future violations of the anti-fraud provisions of the Exchange Act, and requiring it to disgorge $62,196.71 in compensation it received for performing its audit of ACLN. The Commission permanently barred BDO Cyprus and its two principals from appearing or practicing before the Commission as accountants. This litigation continues against other Defendants named in the complaint. For additional information see Litigation Release No. 17776 (Oct. 8, 2002) and Administrative Proceedings Release No. 34-46880 (Nov. 21, 2002). [SEC v. A.C.L.N., LTD.; ABDERRAZAK “ALDO” LABIAD; JOSEPH J.H. BISSCHOPS; ALEX DE RIDDER; PEARLROSE HOLDINGS INTERNATIONAL S.A.; EMERALD SEA MARINE, INC.; SCOTT INVESTMENTS S.A.; BDO INTERNATIONAL (CYPRUS); MINAS IOANNOU; CHRISTAKIS IOANNOU (DEFENDANTS); AND SCANDINAVIAN CAR CARRIERS A/S; PANDORA SHIPPING, S.A.; SERGUI, LTD.; WESTBOUND DEVELOPMENT CORP.; MAVERICK COMMERCIAL, INC.; AND DCC LIMITED (RELIEF DEFENDANTS), Case Number 02 CIV 7988 (LAP)(S.D.N.Y.)] (LR-18888; AAE Rel. 2105) SELF-REGULATORY ORGANIZATIONS IMMEDIATE EFFECTIVENESS OF A PROPOSED RULE CHANGE A proposed rule change (SR-OC-2004-02) filed by OneChicago relating to initial listing standards of single stock futures has become immediately effective under Section 19(b)(7) of the Securities Exchange Act of 1934. Publication of the notice is expected in the Federal Register during the week of September 20. (Rel. 34-50373) DELISTINGS GRANTED An order has been issued granting the application of the New York Stock Exchange to strike from listing and registration the 8 ¾% Notes (due July 15, 2007), 8 ¾% Notes (due Aug. 15, 2005) and 9 ¼% Debentures (due Aug. 15, 2013) of R.J. Reynolds Tobacco Holdings, Inc., effective at the opening of business on September 15. (Rel. 34-50377) An order has been issued granting the application of the New York Stock Exchange to strike from listing and registration the, 9.125% Series D Cumulative Preferred Stock, $.001 par value and 7.375% Series E Cumulative Preferred Stock, $.001 par value, of Keystone Property Trust, effective at the opening of business on September 15. (Rel. 34-50378) An order has been issued granting the application of the New York Stock Exchange to strike from listing and registration the American Depositary Shares (each representing one ordinary share) of Alstom, effective at the opening of business on September 15. (Rel. 34-50380) An order has been issued granting the application of the New York Stock Exchange to strike from listing and registration the American Depositary Shares (each representing two ordinary shares) of Celltech Group plc, effective at the opening of business on September 15. (Rel. 34-50381) WITHDRAWAL GRANTED An order has been issued granting the application of Lions Gate Entertainment Corp. to withdraw its common stock, no par value, from listing and registration on the American Stock Exchange, effective at the opening of business on September 15. (Rel. 34-50379) SECURITIES ACT REGISTRATIONS The following registration statements have been filed with the SEC under the Securities Act of 1933. The reported information appears as follows: Form, Name, Address and Phone Number (if available) of the issuer of the security; Title and the number and/or face amount of the securities being offered; Name of the managing underwriter or depositor (if applicable); File number and date filed; Assigned Branch; and a designation if the statement is a New Issue. Registration statements may be obtained in person or by writing to the Commission's Public Reference Branch at 450 Fifth Street, N.W., Washington, D.C. 20549 or at the following e-mail box address: . In most cases, this information is also available on the Commission's website: . S-8 TEN STIX INC, 3101 RIVERSIDE DRIVE, IDAHO SPRINGS, CO, 80452, 303-567-0163 - 68,000,000 ($156,400.00) Equity, (File 333-118986 - Sep. 15) (BR. 05) S-8 GENTA INC DE/, TWO CONNELL DRIVE, .., BERKELEY HEIGHTS, NJ, 07922, (908) 286-9800 - 2,900,000 ($7,467,500.00) Equity, (File 333-118987 - Sep. 15) (BR. 01) S-8 VFINANCE INC, 3010 NORTH MILITARY TRAIL, SUITE 300, BOCA RATON, FL, 33431, 3053740282 - 8,848,212 ($1,681,160.00) Equity, (File 333-118989 - Sep. 15) (BR. 07) SB-2 COMPOSITE TECHNOLOGY CORP, 18881 VON KARMAN AVE, SUITE 1630, IRVINE, CA, 92612, 24,847,000 ($46,588,125.01) Equity, (File 333-118991 - Sep. 15) (BR. 36) S-8 MONOLITHIC SYSTEM TECHNOLOGY INC, 1020 STEWART DRIVE, SUNNYVALE, CA, 94086, 4087311800 - 0 ($5,768,864.00) Equity, (File 333-118992 - Sep. 15) (BR. 36) SB-2 Pricester.Com, Inc., 3900 HOLLYWOOD BLVD, SUITE 203, HOLLYWOOD, FL, 33021, 954-272-1200 - 22,262,500 ($111,312,500.00) Equity, (File 333-118993 - Sep. 15) (BR. 09) S-3 LIBERTY PROPERTY TRUST, 65 VALLEY STREAM PKWY, STE 100, MALVERN, PA, 19355, 6106481700 - 2,000,000 ($82,880,000.00) Equity, (File 333-118994 - Sep. 15) (BR. 08) S-8 LIBERTY PROPERTY TRUST, 65 VALLEY STREAM PKWY, STE 100, MALVERN, PA, 19355, 6106481700 - 1,500,000 ($62,160,000.00) Equity, (File 333-118995 - Sep. 15) (BR. 08) S-8 DAVI SKIN, INC., 301 N. CANON DRIVE, SUITE 328, BEVERLY HILLS, CA, 90210, 310-205-9906 - 340,000 ($170,000.00) Equity, (File 333-118996 - Sep. 15) (BR. 36) S-8 DATATRAK INTERNATIONAL INC, 6150 PARKLAND BLVD, SUITE 100, MAYFIELD HEIGHTS, OH, 44124, 4404430082 - 300,000 ($3,030,000.00) Equity, (File 333-118997 - Sep. 15) (BR. 01) S-8 DATATRAK INTERNATIONAL INC, 6150 PARKLAND BLVD, SUITE 100, MAYFIELD HEIGHTS, OH, 44124, 4404430082 - 300,000 ($3,030,000.00) Equity, (File 333-118998 - Sep. 15) (BR. 01) S-4 MQ ASSOCIATES INC, 0 ($85,239,785.00) Non-Convertible Debt, (File 333-118999 - Sep. 15) (BR. 01) S-8 SONIC FOUNDRY INC, 222 W. WASHINGTON AVENUE, SUITE 775, MADISON, WI, 53703, 6084431600 - 0 ($5,247,000.00) Equity, (File 333-119000 - Sep. 15) (BR. 03) S-8 DTOMI INC, 200 9TH AVENUE, SUITE 220, SAFETY HARBOR, FL, 34965, (727) 723-8664 - 3,500,000 ($385,000.00) Equity, (File 333-119001 - Sep. 15) (BR. 08) SB-2 CINTEL CORP, 7F MSA B/D, 891-43, DAECHI-DONG, KANGNAM-GU, SEOUL, M5, 135-280, 011-822-508-2033 - 118,854,876 ($9,508,390.08) Equity, (File 333-119002 - Sep. 15) (BR. 09) S-1 WESTECH CAPITAL CORP, 2700 VIA FORTUNA, SUITE 400, AUSTIN, TX, 78746, 5123068222 - 0 ($11,020,636.25) Equity, (File 333-119003 - Sep. 15) (BR. 07) S-8 ORLEANS HOMEBUILDERS INC, ONE GREENWOOD SQUARE, 3333 STREET ROAD SUITE 101, BENSALEM, PA, 19020, 2152457500 - 400,000 ($8,268,000.00) Other, (File 333-119004 - Sep. 15) (BR. 06) S-8 ORLEANS HOMEBUILDERS INC, ONE GREENWOOD SQUARE, 3333 STREET ROAD SUITE 101, BENSALEM, PA, 19020, 2152457500 - 50,000 ($1,059,075.00) Other, (File 333-119005 - Sep. 15) (BR. 06) S-8 ORLEANS HOMEBUILDERS INC, ONE GREENWOOD SQUARE, 3333 STREET ROAD SUITE 101, BENSALEM, PA, 19020, 2152457500 - 45,000 ($478,800.00) Other, (File 333-119006 - Sep. 15) (BR. 06) SB-2 Georgetown Bancorp, Inc., 2 EAST MAIN STREET, GEORGETOWN, MA, 01833, (978) 352-8600 - 1,071,225 ($10,712,250.00) Equity, (File 333-119007 - Sep. 15) (BR. 09) S-8 ROTECH HEALTHCARE INC, 407-822-4600 - 4,225,000 ($84,415,500.00) Equity, (File 333-119008 - Sep. 15) (BR. 06) S-8 NUTRI SYSTEM INC /DE/, 202 WELSH RD, HORSHAM, PA, 19044, 0 ($2,580,000.00) Equity, (File 333-119009 - Sep. 15) (BR. 02) SB-2 GETTING READY CORP, 8990 WEMBLEY COURT, SARASOTA, FL, 34238, 941-966-6955 - 3,910,500 ($9,267,885.00) Equity, (File 333-119010 - Sep. 15) (BR. ) S-8 BOOKHAM TECHNOLOGY PLC, 90 MILTON PARK ABINGDON, 011-44-1235-827200, OXFORDSHIRE ENGLAND, X0, OX14 4RY, 0 ($100,571,863.42) Equity, (File 333-119011 - Sep. 15) (BR. 36) S-1 PER SE TECHNOLOGIES INC, 1145 SANCTUARY PARKWAY, ALPHARETTA, GA, 30004, 770-237-4300 - 0 ($125,000,000.00) Debt Convertible into Equity, (File 333-119012 - Sep. 15) (BR. 03) S-3 MAGIC LANTERN GROUP INC, 1075 NORTH SERVICE ROAD WEST, SUITE 27, OAKVILLE, A6, L6M 2G2, 905-827-2755 X454 - 3,150,000 ($1,921,500.00) Equity, (File 333-119013 - Sep. 15) (BR. 37) S-8 POWER INTEGRATIONS INC, 5245 HELLYER AVE, SAN JOSE, CA, 95138, 4084149200 - 500,000 ($9,155,000.00) Equity, (File 333-119015 - Sep. 15) (BR. 36) S-3 JAMESON INNS INC, 8 PERIMETER CENTER E, STE 8050, ATLANTA, GA, 30346-1603, 7709019020 - 0 ($3,640,000.00) Equity, (File 333-119016 - Sep. 15) (BR. 08) S-3 HEMISPHERX BIOPHARMA INC, 1617 JFK BLVD #660, ONE PENN CENTER, PHILADELPHIA, PA, 19104, 2159880080 - 4,852,979 ($12,676,953.00) Equity, (File 333-119017 - Sep. 15) (BR. 01) S-8 BIB HOLDINGS LTD, 101 E. PANTANO RD, TUCSON, AZ, 85710, 5208859207 - 10,000,000 ($100,000.00) Equity, (File 333-119019 - Sep. 15) (BR. 02) S-4 CVS CORP, ONE CVS DR., WOONSOCKET, RI, 02895-, 4017651500 - 0 ($1,200,000,000.00) Non-Convertible Debt, (File 333-119023 - Sep. 15) (BR. 01) S-1 SPY OPTIC INC, 2251 FARADAY AVE, CARLSBAD, CA, 92008, 0 ($20,700,000.00) Equity, (File 333-119024 - Sep. 15) (BR. ) S-8 MOLDFLOW CORP, 430 BOSTON POST ROAD, WAYLAND, MA, 01778, 508-358-5848 - 0 ($995,083.00) Equity, (File 333-119025 - Sep. 15) (BR. 03) SB-2 HOME FEDERAL BANCORP, INC. OF LOUISIANA, 624 MARKET STREET, SHREVEPORT, LA, 71101, (318) 222-1145 - 0 ($18,515,000.00) Equity, (File 333-119026 - Sep. 15) (BR. ) S-1 ACUSPHERE INC, 500 ARSENAL ST, WATERTOWN, MA, 02472, 6175778800 - 0 ($22,895,527.00) Equity, (File 333-119027 - Sep. 15) (BR. 01) RECENT 8K FILINGS Form 8-K is used by companies to file current reports on the following events: 1.01 Entry into a Material Definitive Agreement 1.02 Termination of a Material Definitive Agreement 1.03 Bankruptcy or Receivership 2.01 Completion of Acquisition or Disposition of Assets 2.02 Results of Operations and Financial Condition 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off- Balance Sheet Arrangement of a Registrant 2.04 Triggering Events That Accelerate or Increase a Direct Financial Obligation under an Off-Balance Sheet Arrangement 2.05 Cost Associated with Exit or Disposal Activities 2.06 Material Impairments 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing 3.02 Unregistered Sales of Equity Securities 3.03 Material Modifications to Rights of Security Holders 4.01 Changes in Registrant’s Certifying Accountant 4.02 Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review 5.01 Changes in Control of Registrant 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers 5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year 5.04 Temporary Suspension of Trading Under Registrant's Employee Benefit Plans 5.05 Amendments to the Registrant’s Code of Ethics, or Waiver of a Provision of the Code of Ethics 7.01 Regulation FD Disclosure 8.01 Other Events 9.01 Financial Statements and Exhibits 8-K reports may be obtained in person or by writing to the Commission's Public Reference Branch at 450 Fifth Street, N.W., Washington, D.C. 20549 or at the following e-mail box address: . In most cases, this information is also available on the Commission's website: . STATE 8K ITEM NO. NAME OF ISSUER CODE DATE COMMENT ------------------------------------------------------------------------------------------------ 21ST CENTURY TECHNOLOGIES INC NV 5.02 09/14/04 99 CENTS ONLY STORES CA 5.02 09/10/04 AASTROM BIOSCIENCES INC MI 7.01,9.01 09/15/04 ABC REALTY CO NC 1.01 09/15/04 ACCELRYS, INC. DE 1.01 09/14/04 ACE SECURITIES CORP DE 8.01,9.01 09/10/04 ADOLOR CORP 1.01,9.01 09/13/04 ADVANCED MARKETING SERVICES INC DE 7.01,9.01 09/13/04 ADVEN INC WA 1.01,2.01,3.02,9.01 09/15/04 ADZONE RESEARCH INC DE 8.01 09/15/04 AFC ENTERPRISES INC MN 5.02,9.01 09/15/04 AIRSPAN NETWORKS INC WA 1.01,3.02,5.03,9.01 09/13/04 ALLIED HEALTHCARE INTERNATIONAL INC NY 3.03,9.01 09/15/04 ALPHA TECHNOLOGIES GROUP INC DE 2.02,9.01 09/13/04 AMERICA WEST HOLDINGS CORP DE 1.01,2.03,7.01,9.01 09/10/04 AMERICAN EXPRESS CREDIT ACCOUNT MASTE DE 8.01,9.01 09/15/04 AMERICAN EXPRESS MASTER TRUST DE 8.01,9.01 09/15/04 AMERICAN ITALIAN PASTA CO DE 1.01,5.02 09/15/04 AMERIVEST PROPERTIES INC MD 5.03,9.01 09/10/04 ANTHEM INC IN 7.01 09/15/04 APPLEBEES INTERNATIONAL INC DE 7.01 09/14/04 APPLIED MICRO CIRCUITS CORP DE 7.01,9.01 09/09/04 ARCH CAPITAL GROUP LTD DE 1.01,9.01 09/09/04 ARENA PHARMACEUTICALS INC DE 5.02,9.01 09/14/04 ASSOCIATED BANC-CORP WI 8.01 09/15/04 AT&T WIRELESS SERVICES INC DE 1.01,9.01 09/13/04 ATMI INC DE 8.01,9.01 09/10/04 BACH-HAUSER INC NV 5.03,8.01,9.01 09/15/04 BAKER HUGHES INC DE 7.01,9.01 09/15/04 BANC OF AMERICA COMM MORT INC PASS TH DE 9.01 09/10/04 BANC OF AMERICA MORTGAGE SECURITIES I DE 8.01,9.01 09/14/04 BANC OF AMERICA MORTGAGE SECURITIES I DE 8.01,9.01 09/14/04 BANCTEC INC DE 5.02,9.01 09/09/04 BANK JOS A CLOTHIERS INC /DE/ DE 8.01 09/14/04 BANK ONE DELAWARE NATIONAL ASSOCIAT 8.01,9.01 09/10/04 BANK ONE DELAWARE NATIONAL ASSOCIAT 8.01,9.01 09/15/04 BANK ONE DELAWARE NATIONAL ASSOCIAT 8.01,9.01 09/15/04 BANK ONE DELAWARE NATIONAL ASSOCIAT 9.01 09/15/04 BEAR STEARNS ASSET BACKED SECURITIES DE 9.01 08/31/04 BEARD CO /OK OK 7.01,9.01 09/15/04 BEHRINGER HARVARD MID TERM VALUE ENHA TX 1.01,9.01 09/15/04 BEHRINGER HARVARD SHORT TERM OPPORTUN TX 9.01 09/15/04 AMEND BEST BUY CO INC MN 2.02,9.01 09/15/04 BIODELIVERY SCIENCES INTERNATIONAL IN IN 5.02,9.01 09/13/04 BIONUTRICS INC NV 8.01,9.01 09/14/04 BLYTH INC DE 1.01 09/10/04 BLYTH INC DE 5.02 09/09/04 BNCCORP INC DE 3.02 09/14/04 BOSTON LIFE SCIENCES INC /DE DE 8.01,9.01 09/14/04 BROADCOM CORP CA 1.01 09/09/04 BULLDOG TECHNOLOGIES INC NV 7.01 09/14/04 BUTLER NATIONAL CORP DE 2.02,9.01 09/15/04 CABOT CORP DE 5.02,9.01 09/10/04 CANARGO ENERGY CORP DE 7.01,9.01 09/13/04 CANDIES INC DE 2.02,9.01 09/09/04 CANYON RESOURCES CORP DE 3.01 09/09/04 CAPITAL SOUTHWEST CORP TX 4.01 09/09/04 CARDIODYNAMICS INTERNATIONAL CORP CA 8.01 09/13/04 CarMax Auto Owner Trust 2004-1 DE 8.01,9.01 09/15/04 CASEYS GENERAL STORES INC IA 7.01 09/15/04 CASTLE A M & CO MD 7.01 09/15/04 CATAPULT COMMUNICATIONS CORP CA 8.01,9.01 09/15/04 CB BANCSHARES INC/HI HI 8.01,9.01 09/15/04 CDMC MORTGAGE PASS-THROUGH CERTIFICAT DE 9.01 08/30/04 CELTRON INTERNATIONAL INC NV 1.01,2.01,8.01 09/10/04 CHARTER COMMUNICATIONS INC /MO/ DE 5.02 09/14/04 CHOICE ONE COMMUNICATIONS INC DE 7.01,9.01 09/15/04 CITIBANK OMNI-S MASTER TRUST 8.01,9.01 09/15/04 CITIBANK SOUTH DAKOTA N A DE 8.01 08/26/04 CITIBANK SOUTH DAKOTA N A DE 8.01 08/26/04 CLEVELAND CLIFFS INC OH 8.01 09/14/04 CNH WHOLESALE RECEIVABLES INC DE 8.01,9.01 09/15/04 COCA COLA CO DE 7.01,9.01 09/15/04 COHEN & STEERS INC 8.01,9.01 09/15/04 COHESANT TECHNOLOGIES INC DE 2.02,9.01 09/15/04 COLLEGE LOAN CORP TRUST I DE 8.01,9.01 08/31/04 Collegiate Funding Services Education DE 8.01,9.01 08/31/04 COMM 2004-LNB3 COMMERCIAL MORTGAGE PA DE 9.01 09/10/04 CONCORD CAMERA CORP NJ 7.01 09/15/04 CONOLOG CORP DE 5.02,9.01 09/07/04 CONSOLIDATED WATER CO LTD E6 8.01,9.01 09/15/04 COPART INC CA 2.02,9.01 09/14/04 CORAUTUS GENETICS INC DE 7.01,9.01 09/15/04 CORPORATE REALTY INCOME FUND I L P DE 1.01,9.01 09/08/04 CREDIT SUISSE FIRST BOSTON MORTGAGE A DE 9.01 09/15/04 CROMPTON CORP DE 1.01,9.01 08/15/04 CSFB Home Equity Pass-Through Certifi DE 8.01,9.01 08/24/04 CWABS INC DE 8.01,9.01 09/07/04 CWABS INC DE 8.01,9.01 09/13/04 CWABS INC ASSET BACKED CERTIFICATES S DE 8.01,9.01 06/30/04 CWABS INC ASSET BACKED CERTIFICATES S DE 2.01,8.01,9.01 07/29/04 CWMBS Mortgage Pass-Through Trust 200 DE 9.01 08/25/04 DANA CORP VA 5.02 09/15/04 DANKA BUSINESS SYSTEMS PLC 1.01,9.01 09/15/04 DEERE JOHN RECEIVABLES INC DE 8.01,9.01 09/15/04 DEL GLOBAL TECHNOLOGIES CORP NY 1.01,1.02,9.01 09/10/04 DELTA AIR LINES INC /DE/ DE 8.01,9.01 09/14/04 DEUTSCHE COMMERCIAL MORTGAGE PASS THR DE 9.01 09/10/04 Deutsche Mortgage Securities Inc. Mor 8.01,9.01 09/14/04 DIGITAL LIFESTYLES GROUP INC DE 1.01,3.02,9.01 09/09/04 DIGITAL RECORDERS INC NC 7.01,9.01 09/15/04 DISCOVER CARD MASTER TRUST I DE 8.01 09/15/04 DIXIE GROUP INC TN 7.01,9.01 09/15/04 DOV PHARMACEUTICAL INC DE 9.01 09/14/04 DOWNEY FINANCIAL CORP DE 7.01,9.01 08/31/04 Dragon Gold Resources, Inc. NV 5.01 09/06/04 DUCOMMUN INC /DE/ DE 1.01 09/15/04 DUPONT E I DE NEMOURS & CO DE 7.01 09/15/04 EDUCATION FUNDING CAPITAL TRUST-IV DE 8.01,9.01 09/10/04 EDUCATION LOANS INC /DE DE 8.01,9.01 09/14/04 EDUCATION LOANS INC /DE DE 8.01,9.01 09/14/04 EOP OPERATING LTD PARTNERSHIP DE 2.06 09/13/04 EQUITY OFFICE PROPERTIES TRUST MD 2.06 09/13/04 EXAR CORP DE 1.01,3.03,5.02,9.01 09/09/04 EXPLORATION CO OF DELAWARE INC DE 8.01,9.01 09/14/04 Extra Space Storage Inc. MD 2.01,2.03,9.01 09/09/04 FEDERAL SIGNAL CORP /DE/ DE 7.01,9.01 09/13/04 FELLOWS ENERGY LTD NV 7.01,9.01 09/15/04 FGI GROUP INC DE 8.01,9.01 09/14/04 FIDELITY NATIONAL FINANCIAL INC /DE/ DE 1.01,9.01 09/15/04 FIRST DATA CORP DE 9.01 09/13/04 FIRST HORIZON PHARMACEUTICAL CORP DE 7.01,9.01 09/13/04 FIRST VIRTUAL COMMUNICATIONS INC DE 1.01,2.04 09/08/04 AMEND FLAMEMASTER CORP NV 3.01 09/14/04 FLANDERS CORP NC 8.01 09/14/04 FLEET CREDIT CARD MASTER TRUST II NY 9.01 09/15/04 FNANB CREDIT CARD MASTER NOTE TRUST 9.01 09/15/04 FNANB CREDIT CARD MASTER TRUST 9.01 09/15/04 Ford Credit Auto Owner Trust 2004-A DE 8.01,9.01 08/31/04 Ford Credit Auto Owner Trust 2004-A DE 8.01,9.01 08/31/04 Ford Credit Floorplan Master Owner Tr DE 8.01,9.01 07/31/04 Ford Credit Floorplan Master Owner Tr DE 8.01,9.01 08/31/04 FRANKLIN ELECTRIC CO INC IN 1.01,2.03 09/09/04 FULLER H B CO MN 2.02,9.01 09/13/04 GE COMMERCIAL MORT CORP MORT PASS-THR DE 9.01 09/10/04 GENERAL ELECTRIC CO NY 8.01,9.01 09/15/04 GIANT GROUP LTD DE 7.01,9.01 09/09/04 GMAC COMMERCIAL MORTGAGE SECURITIES I DE 9.01 09/10/04 GOVERNMENT PROPERTIES TRUST INC 2.01,9.01 09/15/04 GRAFTECH INTERNATIONAL LTD DE 7.01 09/15/04 GRANT PARK FUTURES FUND LIMITED PARTN IL 7.01 09/15/04 GVC VENTURE CORP DE 4.01,9.01 08/17/04 AMEND HARLEY DAVIDSON MOTORCYCLE TRUST 2004 NV 8.01,9.01 09/15/04 Harley-Davidson Motorcycle Trust 2004 NV 8.01,9.01 09/15/04 Harley-Davidson Motorcycle Trust 2004 NV 8.01,9.01 09/15/04 HARTFORD LIFE INSURANCE CO CT 9.01 09/15/04 HCC INSURANCE HOLDINGS INC/DE/ DE 7.01,9.01 09/15/04 HEILIG MEYERS CO VA 9.01 07/31/04 HEMISPHERX BIOPHARMA INC DE 1.01,9.01 09/15/04 HERITAGE PROPERTY INVESTMENT TRUST IN MD 8.01,9.01 09/14/04 HERITAGE PROPERTY INVESTMENT TRUST IN MD 8.01,9.01 09/14/04 HERLEY INDUSTRIES INC /NEW DE 5.02 09/13/04 HERTZ CORP DE 1.01 09/10/04 Home Equity Loan Trust 2004-HS2 DE 8.01,9.01 08/25/04 Home Loan Trust 2004-HI2 DE 8.01,9.01 08/25/04 Home Loan Trust 2004-HI2 DE 8.01,9.01 08/25/04 HOMEBANC CORP GA 2.03,9.01 09/10/04 HORACE MANN EDUCATORS CORP /DE/ DE 5.02 09/13/04 HUBBELL INC CT 5.02 09/15/04 HYUNDAI ABS FUNDING CORP DE 8.01,9.01 09/09/04 IMPAC MORTGAGE HOLDINGS INC MD 1.01,9.01 09/09/04 IMPAC SECURED ASSETS CORP CA 8.01,9.01 08/31/04 IMPAC SECURED ASSETS CORP CA 9.01 08/31/04 INDUS INTERNATIONAL INC DE 5.02 09/14/04 INDYMAC MBS INC 8.01,9.01 09/10/04 INLAND WESTERN RETAIL REAL ESTATE TRU MD 9.01 06/30/04 AMEND INLAND WESTERN RETAIL REAL ESTATE TRU MD 9.01 07/13/04 AMEND INLAND WESTERN RETAIL REAL ESTATE TRU MD 9.01 07/21/04 AMEND INLAND WESTERN RETAIL REAL ESTATE TRU MD 9.01 08/02/04 AMEND INLAND WESTERN RETAIL REAL ESTATE TRU MD 9.01 08/17/04 AMEND INLAND WESTERN RETAIL REAL ESTATE TRU MD 9.01 08/09/04 AMEND INLAND WESTERN RETAIL REAL ESTATE TRU MD 9.01 09/07/04 AMEND INNKEEPERS USA TRUST/FL MD 7.01,9.01 09/14/04 INPUT OUTPUT INC DE 8.01 09/15/04 INTEGRATED BIOPHARMA INC DE 7.01,9.01 09/15/04 Intermix Media, Inc. DE 1.01,9.01 09/09/04 INTERNATIONAL BUSINESS MACHINES CORP NY 8.01 09/15/04 INTERNATIONAL STAR INC NV 7.01,9.01 09/15/04 INTERPOOL INC DE 1.01,2.03,3.02,9.01 09/14/04 INTERSIL CORP/DE DE 8.01,9.01 09/15/04 INTERWOVEN INC CA 1.01 09/09/04 INVESTMENT TECHNOLOGY GROUP INC DE 5.02,9.01 09/09/04 IPAYMENT INC DE 8.01,9.01 09/15/04 IRIS INTERNATIONAL INC DE 7.01,9.01 09/15/04 ITERIS HOLDINGS INC DE 5.03 09/09/04 IVOICE COM INC /DE DE 8.01,9.01 06/25/04 KENNAMETAL INC PA 8.01 09/15/04 KEYSPAN CORP NY 5.02 09/15/04 KEYSTONE CONSOLIDATED INDUSTRIES INC DE 7.01 09/13/04 KFORCE INC FL 1.01 09/09/04 KNIGHT FULLER INC DE 1.01,2.01,5.01,8.01 09/10/04 KNOLOGY INC DE 1.01,9.01 09/10/04 KNOT INC DE 1.01 09/13/04 KULICKE & SOFFA INDUSTRIES INC PA 1.01 09/13/04 LABOR READY INC WA 7.01,9.01 09/15/04 LASALLE HOTEL PROPERTIES MD 7.01,9.01 09/15/04 LATTICE SEMICONDUCTOR CORP DE 1.01,2.03 09/10/04 LAW ENFORCEMENT ASSOCIATES CORP NV 5.02 09/14/04 LIGHTBRIDGE INC DE 2.05,9.01 09/14/04 MAIN STREET BANKS INC /NEW/ GA 8.01,9.01 09/14/04 MAJESCO HOLDINGS INC DE 5.02 09/09/04 MAKEMUSIC INC MN 4.01,9.01 08/30/04 AMEND MARCONI CORP PLC X0 8.01 09/15/04 MARTIN MIDSTREAM PARTNERS LP DE 7.01,9.01 09/14/04 MATRIX BANCORP INC CO 1.01,2.01,8.01,9.01 09/13/04 MBNA AMERICA BK NAT ASSOC MBNA MASTER 8.01,9.01 08/31/04 MBNA AMERICA BK NAT ASSOC MBNA MASTER 8.01,9.01 08/31/04 MBNA CORP MD 8.01 08/31/04 MCDONALDS CORP DE 8.01 09/14/04 MCG CAPITAL CORP DE 1.01,9.01 09/10/04 MECHANICAL TECHNOLOGY INC NY 5.02 09/13/04 MEMS USA INC NV 5.02 09/09/04 MERCANTILE BANKSHARES CORP MD 8.01,9.01 09/14/04 MERITAGE CORP MD 5.03,9.01 09/10/04 MERRILL LYNCH MORTGAGE INVESTORS TRUS DE 8.01,9.01 08/30/04 METRIS RECEIVABLES INC DE 8.01,9.01 08/31/04 MGE ENERGY INC WI 8.01 09/15/04 MILLER HERMAN INC MI 2.02,9.01 08/15/04 MOBILEPRO CORP DE 2.01,9.01 09/15/04 MOLDFLOW CORP 5.02 09/10/04 MONDAVI ROBERT CORP CA 8.01,9.01 09/14/04 MONDAVI ROBERT CORP CA 8.01,9.01 09/14/04 MONSANTO CO /NEW/ DE 2.02 09/09/04 MORGAN STANLEY DEAN WITTER CAPITAL I DE 8.01,9.01 09/13/04 MortgageIT Holdings, Inc. MD 1.01,9.01 09/15/04 MULTIMEDIA GAMES INC TX 1.01 09/09/04 NAPCO SECURITY SYSTEMS INC DE 2.02,9.01 09/15/04 NATHANIEL ENERGY CORP NV 1.01 09/13/04 NATIONAL BEVERAGE CORP DE 2.02,9.01 09/14/04 NATIONAL FUEL GAS CO NJ 7.01,9.01 09/15/04 NATIONAL TECHNICAL SYSTEMS INC /CA/ CA 2.02,9.01 09/13/04 NAVISTAR INTERNATIONAL CORP DE 7.01 09/15/04 NETSOL TECHNOLOGIES INC NV 2.02 09/15/04 NEUROGEN CORP DE 1.02,9.01 09/15/04 NEW CENTURY FINANCIAL CORP DE 1.01,8.01,9.01 09/10/04 NEW CENTURY HOME EQUITY LOAN TRUST, S DE 8.01 08/25/04 NEW YORK HEALTH CARE INC NY 5.03,9.01 09/10/04 NEWFIELD EXPLORATION CO /DE/ DE 8.01,9.01 09/13/04 NEWFIELD EXPLORATION CO /DE/ DE 5.04 09/15/04 NORTH COUNTRY FINANCIAL CORP MI 7.01 09/10/04 NORTHEAST UTILITIES SYSTEM MA 8.01,9.01 09/15/04 NORTHLAND CABLE PROPERTIES EIGHT LIMI WA 9.01 09/15/04 NS GROUP INC KY 1.01,9.01 09/10/04 NUANCE COMMUNICATIONS CA 5.02 09/09/04 NUVELO INC DE 1.01,9.01 09/10/04 ONVIA INC DE 5.02,9.01 09/13/04 OREGON STEEL MILLS INC DE 1.01,7.01,9.01 09/10/04 PACIFICARE HEALTH SYSTEMS INC /DE/ DE 1.01,9.01 09/15/04 PATHFINDER BANCORP INC DE 8.01 09/14/04 PATTERSON COMPANIES, INC. MN 8.01,9.01 09/14/04 PENNFED FINANCIAL SERVICES INC DE 1.01,9.01 09/14/04 PENNROCK FINANCIAL SERVICES CORP PA 8.01 09/14/04 PETROLEUM DEVELOPMENT CORP NV 8.01 09/13/04 PHOTOMEDEX INC DE 8.01,9.01 09/15/04 PIZZA INN INC /MO/ MO 8.01 09/14/04 PLAINS EXPLORATION & PRODUCTION CO DE 8.01,9.01 09/15/04 POOLED AUTO SECURITIES SHELF LLC DE 8.01,9.01 09/09/04 POPULAR ABS, INC. DE 8.01,9.01 09/13/04 POSSIS MEDICAL INC MN 9.01 09/14/04 PRICE T ROWE GROUP INC MD 5.02 09/09/04 PRIME RECEIVABLES CORP DE 9.01 09/15/04 PRINCIPAL LIFE INSURANCE CO IA 9.01 09/10/04 PRINCIPAL LIFE INSURANCE CO IA 9.01 09/10/04 PRINCIPAL LIFE INSURANCE CO IA 9.01 09/10/04 PROVIDIAN FINANCIAL CORP DE 8.01 08/31/04 QCR HOLDINGS INC DE 8.01 09/15/04 QUALITY DINING INC IN 2.02 08/01/04 QUALITY DINING INC IN 4.02 09/15/04 RALI Series 2004-QA3 Trust DE 8.01,9.01 09/15/04 RAPHOLZ SILVER INC FL 2.01,4.01,5.01,8.01 09/09/04 RASC Series 2004-KS1 Trust DE 8.01,9.01 08/25/04 RASC Series 2004-KS2 Trust DE 8.01,9.01 08/25/04 RASC SERIES 2004-KS4 TRUST DE 8.01,9.01 08/25/04 RASC Series 2004-KS5 Trust DE 8.01,9.01 08/25/04 RASC Series 2004-KS6 Trust DE 8.01,9.01 08/25/04 RASC Series 2004-KS7 Trust DE 8.01,9.01 08/25/04 REAL ESTATE ASSOCIATES LTD II CA 8.01 08/18/04 REDHOOK ALE BREWERY INC WA 4.01 09/15/04 RESIDENTIAL ASSET MORTGAGE PRODUCTS I DE 8.01,9.01 09/15/04 RESIDENTIAL ASSET SECURITIES RASC SER DE 8.01,9.01 08/25/04 RESIDENTIAL FUND MORT SEC HOME LOAN- DE 8.01,9.01 08/25/04 RESIDENTIAL FUNDING MORTGAGE SEC II I DE 8.01,9.01 08/25/04 RESIDENTIAL FUNDING MORTGAGE SECURITI DE 8.01,9.01 09/15/04 REYNOLDS AMERICAN INC 2.02,9.01 09/15/04 RIGGS NATIONAL CORP DE 5.02 09/09/04 River Rock Entertainment Authority XX 7.01,9.01 09/15/04 RURAL CELLULAR CORP MN 8.01,9.01 09/13/04 SAFENET INC DE 1.01,9.01 09/09/04 SCHEID VINEYARDS INC DE 4.01,9.01 09/10/04 SCHUFF INTERNATIONAL INC DE 4.01,9.01 09/08/04 SCICLONE PHARMACEUTICALS INC CA 1.01,9.01 09/10/04 SECURECARE TECHNOLOGIES INC NV 8.01,9.01 09/15/04 SECURITIZED ASSET BACKED RECEIVABLES 8.01,9.01 09/14/04 SENSE HOLDINGS INC FL 8.01 09/13/04 SEQUA CORP /DE/ DE 8.01 09/15/04 Sequoia Mortgage Trust 2004-8 8.01,9.01 08/27/04 SIMPSON MANUFACTURING CO INC /CA/ DE 1.01,9.01 09/09/04 SIRVA INC DE 1.01,2.05,2.06 09/09/04 SiVault Systems, Inc. NV 3.02 08/26/04 AMEND SIX FLAGS INC DE 1.01,3.03,5.03,9.01 09/13/04 SLIPPERY ROCK FINANCIAL CORP PA 8.01,9.01 09/09/04 SOLECTRON CORP DE 2.05,2.06 09/10/04 SOMANETICS CORP MI 2.02 09/15/04 SPEAKING ROSES INTERNATIONAL INC NV 7.01,8.01,9.01 09/15/04 ST MARY LAND & EXPLORATION CO DE 8.01,9.01 09/14/04 STANDEX INTERNATIONAL CORP/DE/ DE 7.01 09/15/04 STAR SCIENTIFIC INC DE 1.01,9.01 09/15/04 STERIS CORP OH 8.01,9.01 09/15/04 STRATS SM TRUST FOR MORGAN STANLEY SE 8.01,9.01 08/31/04 SYMBOL TECHNOLOGIES INC DE 1.01,2.01,2.03,9.01 09/09/04 SYNNEX CORP DE 8.01,9.01 09/15/04 SYSTEMS EVOLUTION INC ID 1.01,2.03,3.02,9.01 09/09/04 TARRAGON CORP NV 1.01 09/09/04 TBC CORP DE 8.01,9.01 09/15/04 TELVUE CORP DE 5.02 09/15/04 TL ADMINISTRATION CORP DE 7.01,9.01 09/15/04 TRANSKARYOTIC THERAPIES INC DE 8.01 09/14/04 TRUMP HOTELS & CASINO RESORTS INC DE 7.01 09/15/04 TWIN DISC INC WI 2.02 09/15/04 TXU CORP /TX/ TX 8.01,9.01 09/15/04 UCAP INC CO 4.01,5.02,8.01 09/10/04 UNITED BANCORP INC /MI/ MI 8.01,9.01 09/14/04 UNITED SURGICAL PARTNERS INTERNATIONA DE 2.01,8.01,9.01 09/09/04 US AIRWAYS GROUP INC DE 3.01,9.01 09/14/04 VALENTIS INC DE 2.02,9.01 09/15/04 VIROPHARMA INC DE 8.01,9.01 09/14/04 VISION GLOBAL SOLUTIONS INC A6 4.02 09/14/04 WELLS REAL ESTATE INVESTMENT TRUST IN DE 8.01 09/13/04 WESTERN DIGITAL CORP DE 7.01 09/15/04 WESTSPHERE ASSET CORP INC CO 9.01 09/15/04 WGL HOLDINGS INC VA 8.01 09/15/04 WMS INDUSTRIES INC /DE/ DE 1.01,9.01 09/09/04 WORKSTREAM INC 8.01 09/14/04 XENOMICS INC FL 9.01 07/02/04 AMEND YAHOO INC DE 8.01,9.01 09/14/04 YAMAHA MOTOR RECEIVABLES CORP DE 8.01 09/15/04 YDI WIRELESS INC DE 1.01,8.01,9.01 09/09/04 ZIMMER HOLDINGS INC DE 3.03,9.01 09/10/04